‘The number of Americans who signed contracts to buy homes rose in January to the highest level in nearly two years, supporting the view that the housing market is gradually coming back.’

‘The National Association of Realtors said that its index of sales agreements rose 2 per cent last month to a reading of 97. That’s the highest reading since April 2010, the last month that buyers could qualify for a federal home-buying tax credit and the last time the reading was above 100.’

‘Buyers are returning to the real estate market on the heels of faster job gains for three straight months, falling home prices and record-low borrowing costs. At the same time, foreclosures are weighing on values and construction.’